REMIX: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2023 and 2024
Largest movements
- Tangible fixed assets +€39,801
up €39,801 (+611%), from €6,517 to €46,318
of which Plant, machinery and equipment: +€39,963
- Receivables within one year -€28,622
down €28,622 (-15.2%), from €188,369 to €159,747
of which Trade receivables: -€20,053
- Cash +€16,837
up €16,837 (+327%), from €5,153 to €21,990
mainly Debts after one year (+€40,495) and Receivables within one year (+€28,622)
- Stocks and contracts -€2,954
down €2,954 (-22.4%), from €13,190 to €10,236
- Other debts -€61,996
down €61,996 (-49.4%), from €125,419 to €63,423
- Debts after one year +€40,495
new in 2024: €40,495
- Profit (loss) carried forward +€22,304
up €22,304 (+51.9%), from €43,015 to €65,319
- Trade debts +€15,764
up €15,764 (+113%), from €13,928 to €29,692
- Current portion of long-term debt +€15,524
new in 2024: €15,524
- Gross operating margin +€53,573
up €53,573 (+88.7%), from €60,398 to €113,971
- Write-downs +€10,870
new in 2024: €10,870
- Financial charges +€6,925
up €6,925 (+217%), from €3,187 to €10,112
of which Non-recurring financial charges: +€4,622
- Staff costs +€6,876
up €6,876 (+14.2%), from €48,521 to €55,397
- Taxes +€6,653
up €6,653 (+491%), from €1,354 to €8,007
Change in the result, 2023 to 2024
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2023 and 2024 balance sheets and the 2024 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €214,729 | €239,791 | +€25,062 | +11.7% |
| Fixed assets | 21/28 | €6,517 | €46,318 | +€39,801 | +611% |
| Tangible fixed assets | 22/27 | €6,517 | €46,318 | +€39,801 | +611% |
| Plant, machinery and equipment | 23 | - | €39,963 | +€39,963 | |
| Furniture and vehicles | 24 | €6,517 | €4,285 | -€2,232 | -34.3% |
| Assets under construction and advance payments | 27 | - | €2,071 | +€2,071 | |
| Current assets | 29/58 | €208,211 | €193,472 | -€14,739 | -7.1% |
| Stocks and contracts in progress | 3 | €13,190 | €10,236 | -€2,954 | -22.4% |
| Stocks | 30/36 | €13,190 | €10,236 | -€2,954 | -22.4% |
| Amounts receivable within one year | 40/41 | €188,369 | €159,747 | -€28,622 | -15.2% |
| Trade receivables | 40 | €79,539 | €59,486 | -€20,053 | -25.2% |
| Other amounts receivable | 41 | €108,830 | €100,261 | -€8,569 | -7.9% |
| Current investments | 50/53 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,153 | €21,990 | +€16,837 | +327% |
| Total equity and liabilities | 10/49 | €214,729 | €239,791 | +€25,062 | +11.7% |
| Equity | 10/15 | €43,020 | €65,324 | +€22,304 | +51.8% |
| Contributions | 10/11 | €5 | €5 | = | 0.0% |
| Capital | 10 | €5 | - | -€5 | |
| Issued capital | 100 | €5 | - | -€5 | |
| Contributions outside capital | 11 | - | €5 | +€5 | |
| Other | 1109/19 | - | €5 | +€5 | |
| Profit (loss) carried forward | 14 | €43,015 | €65,319 | +€22,304 | +51.9% |
| Amounts payable | 17/49 | €171,708 | €174,467 | +€2,758 | +1.6% |
| Amounts payable after more than one year | 17 | - | €40,495 | +€40,495 | |
| Financial debts | 170/4 | - | €40,495 | +€40,495 | |
| Amounts payable within one year | 42/48 | €166,946 | €129,209 | -€37,736 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | - | €15,524 | +€15,524 | |
| Trade debts | 44 | €13,928 | €29,692 | +€15,764 | +113% |
| Suppliers | 440/4 | €13,928 | €29,692 | +€15,764 | +113% |
| Taxes, remuneration and social security | 45 | €27,599 | €20,570 | -€7,029 | -25.5% |
| Taxes | 450/3 | €17,183 | €10,678 | -€6,505 | -37.9% |
| Remuneration and social security | 454/9 | €10,416 | €9,892 | -€524 | -5.0% |
| Other amounts payable | 47/48 | €125,419 | €63,423 | -€61,996 | -49.4% |
| Accrued charges and deferred income | 492/3 | €4,763 | €4,763 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €48,521 | €55,397 | +€6,876 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,232 | €4,079 | +€1,847 | +82.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,870 | +€10,870 | |
| Other operating charges | 640/8 | €1,337 | €3,203 | +€1,866 | +140% |
| Gross operating margin | 9900 | €60,398 | €113,971 | +€53,573 | +88.7% |
| Operating profit (loss) | 9901 | €8,308 | €40,422 | +€32,114 | +387% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,187 | €10,112 | +€6,925 | +217% |
| Recurring financial charges | 65 | €3,187 | €5,491 | +€2,303 | +72.3% |
| Non-recurring financial charges | 66B | - | €4,622 | +€4,622 | |
| Profit (loss) for the period before taxes | 9903 | €5,121 | €30,311 | +€25,190 | +492% |
| Income taxes | 67/77 | €1,354 | €8,007 | +€6,653 | +491% |
| Profit (loss) for the period | 9904 | €3,767 | €22,304 | +€18,536 | +492% |
| Profit (loss) for the period to be appropriated | 9905 | €3,767 | €22,304 | +€18,536 | +492% |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €99,096 · 50% capitalised earnings, 50% adjusted equity
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €65,324
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €65,324
Capitalised earnings
- 2024
- €22,304
- excluding non-recurring income and charges
- €26,926
- 2023
- €3,767
- 2022
- €17,139
- 2021
- €22,109
- excluding non-recurring income and charges
- €22,463
- Average result, excluding non-recurring income and charges
- €15,944
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €113,886 / €132,867 / €159,440
Your EBITDA multiple
- EBITDA 2024
- €44,501
- Net financial debt
- €32,529
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 8 November 2026 via checked.be.